GBP/USD open a door to 1.63

Although the four-month down-trend at 1.61 was supposed to keep the downward momentum intact, yesterday it was breached to the upside. The next closest resistance is at 1.6185 represented by the weekly R1, but the possibility of a rally higher, up to 1.63, is high. Here the bullish run should come to an end, being that the supply is implied by the monthly PP, weekly R2 and 55-day SMA. Moreover, the weekly technical indicators are mostly bearish.

The majority turned out to be right—the British Pound outperformed the Greenback, while most (60%) of the open positions were long. On the other hand, there is an increasing number of sell orders nearby, currently standing at 60%.